Lyons v. First National Bank
Supreme Court of Arkansas
Appeal from Sebastian Chancery Court, Fort Smith District; J. V. Bourland, Chancellor; STATEMENT BY THE COURT. This suit was instituted in the chancery court by the First National Bank of Paragould, Arkansas, a corporation, against Fannie Lyons, Max Lyons, Ike Lyons, Lyons Mercantile Company, a corporation, and People’s Building & Loan Association of Fort Smith, Arkansas, a corporation.
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Appeal from Sebastian Chancery Court, Fort Smith District; J. V. Bourland, Chancellor; STATEMENT BY THE COURT. This suit was instituted in the chancery court by the First National Bank of Paragould, Arkansas, a corporation, against Fannie Lyons, Max Lyons, Ike Lyons, Lyons Mercantile Company, a corporation, and People’s Building & Loan Association of Fort Smith, Arkansas, a corporation. The complaint alleges, in substance, that on the 10th day of April, 1907, the defendants Fannie Lyons and the Lyons Mercantile Company executed to the plaintiff a promissory note for $800, and that the…
1Opinion of the Court
Hart, J.,
(after stating the facts). It is the contention of counsel for the defendants that the 40 shares of stock in the building & loan association was subscribed by Mrs. Fannie Lyons for Ike Lyons, and the stock entered in that manner on the books of the company because Ike Lyons was a minor. They claim that Ike Lyons has paid the dues of $6 per month from the time the stock was subscribed on December 20, 1900, until the date of its maturity, January 10, 1910, its value at date of maturity being $1,043.34 Hence they insist that Fannie Lyons holds the stock as trustee for Ike Lyons.
It will…
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